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“The “Pareto principle” has by this time become deeply rooted in our industrial literature. It is a shorthand name for the phenomenon that in any population which contributes to a common effect, a relative few of the contributors account for the bulk of the effect.

“Years ago I gave the name “Pareto” to this principle of the “vital few and trivial many.” On subsequent challenge, I was forced to confess that I had mistakenly applied the wrong name to the principle.1 This confession changed nothing – the name “Pareto principle” has continued in force, and seems destined to become a permanent label for the phenomenon.”